Financial Literacy Research Power point By: Alicia
Question 1 What is financial literacy?
Answer. • Financial literacy- implies reference to money matters, esp. where large sums are involved. • -Ability of individuals to make appropriate decisions is managing their personal finances. • Financial literacy is like print literacy; or knowing how to read and write. It is the knowledge of basic but essential concepts that enable people to navigate today’s economy.
Question 2 How do I know whether I am financially literate?
Answer. • I took a test to see if I was financially literate, and I scored 100%, so I am financially literate.
Question 3 • How do I compare with respect to others?
Answer. • If I compare myself to others with respect then I would honestly have to say I know more about financial literacy.
Question 4 • How does financial literacy in the United States (or Italy) compare with respect to other countries?
Answer. • The United States compares to other countries with respect by knowing a little more about financial literacy.
Question 5 Why should I become financially literate?
Answer. • I should be financially literate because I could have better understanding of financial and banking products, be more prepared to pursue my financial goals, take control of my money, it would improve my saving skills, and I would be more prepared for unforeseen situations.
Question 6 Where do I go for information to become financially literate?
Answer • For readers in the United States, a reliable and independent source of information is www.mymoney.gov.
Question 7 • What if I want to have fun while I’m learning financial literacy? Where do I go and what can I do?
Answer. • Doorways to dreams has designed several financial literacy video games, so you can become financially literate while having fun!
Question 8 • What do I do to promote financial literacy and to become financially literate?
Answer. • To promote financial literacy and to also become financially literate you must ask for financial literacy programs in your school, workplace, and your local library. Become an ambassador for financial literacy!
Question 9 • Who is promoting financial literacy?
Answer • People that are promoting financial literacy are Elmo, puppet and TV celebrity, Ben Bernanke, chairman of the Federal Reserve, Ray Lewis, football star. Both President Bush And Obama have been supportive of financial literacy.
Question 10 • Are there any big program/ plans happening on financial literacy?
Answer. • Yes, there are many! One important initiative is that of the OCED (Organization for Economic Cooperation and Development.
Question 11 • Why is a business plan important and who should write it?
ANSWER. • A business plan is so important because it actually serves as a compass for the direction your business will take in the future. You should write your own business plan.
Question 12 • How do I determine my start-up costs and other expenses?
Answer. • To determine your start-up costs you must identify all the expenses that your business will incur during its star-up phase. Some of these expenses will be one-time costs such as the fee for incorporating your business.
Question 13 • Why is competition important?
Answer. • Competition is the battle between businesses to win consumer acceptance and loyalty. Competition is believed that having more than competing will result as having better quality of items at a lower cost. If there weren’t any competitors, the price would be higher than it actually is!
Question 14 • What makes a successful marketing strategy?
Answer. • When you hear this question, think of the four P’s. Product, price, promotion, and place. Think of some questions you could ask yourself when you find yourself at the four P’s!
Question 15 • Where can a business owner go to receive advice or assistance with their business? (ex. Marketing, Customers, How to Improve, Finances/Keep Records)?
Answer. • SCORE- “Counselors to Americas small business provides free and confidential business advice and mentoring services to entrepreneurs nationwide.
References! 1a- Webster, Marriam, Webster Dictionary 1b, 6, 7, 8, 9, 10 – www.marketplace.org/topics/like/makin-money/top-ten-list-financial-literacy 2-www.rand.org/labor/centers/financial-literacy/widgets /financial-knowledge-text.html 3 & 4- www.usfinancialcapability.org 5- www.financialliteracycarribean.com 11-www.ezinearticles.com 12-www.smallbusiness.dnb.com/business-planning-structures/starting-a-business/661-1.html 13-http://www.enotes.com/competition-reference/competition-174180 14 & 15- www.articles.bplans.com/starting-a-business/top-15-questions-from-score/205